Rajesh Gupta, Managing Director of Lloyds Metals & Energy said, “Iron ore would be around 26 million tonnes next year of production, and around 27 to 28 million tonnes of sales next year, because we would have a carryover stock. Pellet could be around 7.5 million tonnes next year, with the second plant also being commissioned well in time.”
Beyond iron ore and pellets, Lloyds Metals is expanding its footprint across other minerals. Copper production is expected to reach 10,000–12,000 tonnes next year, while coal volumes linked to NTPC are projected to grow by around 15 to 20%.
Revenue from Geomysore, the company’s gold mining arm in Andhra Pradesh, will also start contributing meaningfully. The mine has already produced around 50–60 kilograms of gold and production is expected to rise to about 600–700 kilograms in the next year.
Based on these projections, the combined EBITDA (earnings before interst, tax, depreciation, and amortisation) from the iron ore and pellet businesses alone could mathematically approach ₹7,500 crore.
In October-December quarter (Q3FY26), Lloyds Metals & Energy reported a revenue of ₹5,058 crore, margin of 34.8% and profit after tax of ₹1,090 crore.
A key driver of this projected growth is the Triveni Earthmovers subsidiary, which is expected to see strong scalability, with management indicating that earnings could be higher than earlier estimates.
A 15% growth in the top line is likely to translate into a sharper rise in the bottom line, given the service-oriented nature of the business. As a result, EBITDA from Thriveni could be in the range of ₹2,800–3,000 crore next year.
The gold mining development and operations (MDO) contract for Geomysore has also been awarded to Thriveni.
While Gupta refrained from providing any projections on the consolidated earnings, analyst estimates peg consolidated EBITDA at ₹10,000-₹11,000 crore.
Gupta pointed to the company’s historical performance, where the topline from three years prior is equivalent to the current year’s bottom line. He is hopeful this trend will continue.
Lloyds Metals & Energy’s current market capitalisation is ₹69,892 crore. The stock is currently trading at ₹1,318 as of 9:59 am on the NSE and has gained 10% over the last year.
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